Russia to Expand LNG Market Share

By 2030, Novatek intends to manufacture 70 mn tons of liquefied natural gas annually, told the company’s CJairman Leonid Mikhelson the audience of the Arctic Forum in St. Petersburg.

“We are engaged in large-scale exploration, we have increased financing 5-6-fold. Mostly, this work is underway on the Gydan and Yamal peninsulas. I believe that in 2021-2020 will be able to accelerate our strategy and expand our production up to 70 mn tons by 2030”, he said.

L.Mikhelson added that the Energy Russia project envisages producing 80 mn tons of LNG per annum by 2035. “But now it is clear that these figures should be revised. Our vision is that the Arctic region is able to produce up to 140 mn tons”.

According to Novatek Chairman, Russian can claim a 20% share in the global LNG market.